Miles will get a raise on his annual $3.85 million salary. Details of the new contract are still being worked on and were not immediately available.

Miles is good friends with Dallas Cowboys owner and former Arkansas player Jerry Jones. It was speculated that Jones might have encouraged Arkansas to pursue Miles. Miles said that Arkansas' interest in him was "sincere" but denied getting an offer.

"I did not speak to Jerry Jones," Miles said during a Wednesday afternoon press conference. "The view of five years and $27.5 million is not true."

He added: "A colleague and friend of mine [Jeff Long] is AD there, but it fell short of my interest."

LSU athletic director Joe Alleva said that Miles was in line for a raise already and it was not prompted by an alleged pursuit by Arkansas. He did acknowledge, though, that the speculation did expedite the need to get a contract finalized.

“Our intent was to address his contract following this year’s bowl game, but speculation about other job opportunities accelerated our process a little," Alleva said. "I think we have accomplished the important step of securing Les Miles as our head coach for the long-term good of the program.”

Miles carried the Tigers to the BCS National Championship Game last season, where it lost to SEC West rival Alabama. He brought the program the national championship in 2007 and has an eight-year record of 85-20 at LSU.

“Les Miles is one of the premier coaches in the country and has LSU in contention for championships year in and year out,” vice chancellor and athletic director Joe Alleva said in a statement released by the school Wednesday. “Only two coaches in the 119-year history of LSU football have coached as many years at this school and only one has won more games. Les Miles has made a commitment to LSU and LSU is solidifying its commitment to Les Miles.”

“The coaching business is a competitive one and it is important to compensate our coach for his accomplishments and his worth,” Alleva said. “Les has not received a pay increase since his salary was automatically elevated following our national championship in 2007 and he has continued to keep LSU on the national stage.